In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the October 2nd session.
Bitcoin/USD — The bitcoin market ended up forming a shooting star candlestick on Tuesday session, after trying to rally. The market is now trading below the bottom of this previous consolidation zone and is also hovering around the 200-day EMA. The measured move of the descending triangle pattern is the $5,000 level. A break below this hammer candlestick signals further bearishness. Gold managed to gain from the rate cuts and the quantitative easing by central banks. However, bitcoin has failed to gain from this situation. Recently, investments flew out of China, and that has come to a halt. Right now, the bitcoin market looks bearish.